The best way to avoid getting screwed by a lender is to utilize the advice of someone who has nothing to gain by the loan you choose. Certain Realtors, experienced representing buyers, often can fill this role since they often are very educated in the mortgage process.
2007-06-01 03:33:25
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answer #1
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answered by linkus86 7
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This depends allot on what you call a fair credit score?
I would find a good Realtor in your area, tell him what you want to do and ask if he can recommend a few lenders.
It will not hurt your credit score if you have a couple different lenders check. Most people believe that if your credit is pulled by different lenders it will lower your score, not true.
The credit bureau expect you to shop for a loan. (Do not go to 10-12 just 2 or 3) Then Your Realtor can find you a house and write an offer that would request the seller to pay 3-4 % of the loan towards your closing cost. You will need some out of pocket money. Certain things are not considered closing cost such as insurance, hoa cost, home inspector. Here in Florida I can still find good lenders that will do 100% they are getting hard to find and you must have excellent credit. With that said if your credit were not great you would have to come up with some down payment. Oh as a buyer the Realtor should work for you for free as the seller pays him. Ask them first just to make sure. Good Luck and enjoy your new home.
2007-06-01 03:44:22
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answer #2
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answered by Anonymous
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First, find a reputable lender. They should have some first-time home buyer loans specifically for folks like you. I've seen people put as little as $500 down, but I've rarely seen lenders do 100% financing. Normally, they want you to come to the table with something.
A lot of loans will ask that you contribute a 2% or 3% down payment. At least, that's the way it is here in Ohio. In my neck of the woods, a rule of thumb is to stick with banks and credit unions for finanacing and stay away from mortgage companies b/c they can charge exhorbant fees and 'sell' you into a loan that's not good for you.
Good luck!
2007-06-01 02:59:15
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answer #3
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answered by YSIC 7
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Call around to a few banks and mortgage brokers and ask what they have available with no money down. If you know your credit score then go ahead and tell them that. Ask about interest rates, origination fees & points. Mortgage brokers work with different underwriters and might have access to more loans but there are advantages to banks too, so it's best to check around. There are usually some good programs available for first time homebuyers too, if that fits your situation.
2007-06-01 03:00:53
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answer #4
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answered by angela 6
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Without a down payment, a creditor would most likely reject your request for a mortgage. If you have an asset of equal value less accumulated depreciation to the amount of the loan requested plus proof of a good financial record, then a creditor might make a concession and grant you a loan.
However be cautious and up-to-date in your mortgage repayments! If for whatever reason you default on your payments, the house + the asset will be taken away.
2007-06-01 03:07:07
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answer #5
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answered by Santa's_LiL_HeLpEr 2
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Get a broker to do all the work for you. They will find the best mortgage. They do charge a fee but believe me - it's worth it. We just bought a house - no money down and bad credit. Got a great deal too.
2007-06-01 02:58:13
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answer #6
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answered by Jenn 3
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i seem to give this answer often but its valid. rent to own at a fixed sales price till you have a year of paying the monthly bills on time and then most reputable lenders will find a way to get you the loan.
2007-06-01 04:47:44
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answer #7
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answered by tm 1
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